Life Insurance

8 smart steps for buying life insurance

Life insurance can form a vital part of your family’s financial stability and well-being but, if you’re like most people, you may find the thought of shopping for the right type of coverage a little daunting. Fortunately, these eight simple steps can guide you along the way.

Fact sheet: Unclaimed life insurance policies

Clear communication is important when it comes to your life insurance policy. Life insurance policyholders should inform their primary beneficiaries, as well as their contingent beneficiaries, about the existence of a life insurance policy that names them. If there are valid reasons not to inform the beneficiaries—if, for example, they are young children—it is a good idea to provide this information to the executor of your estate.

The i's on insurance: Life insurance

Share

Life insurance is a vital part of your family’s financial stability and well-being. But if you’re like most people, you probably have questions about what types and amounts of life insurance are best for your needs. Spend a few moments to see why planning for your family’s future isn’t just about money; it’s about life. 

 

Be sure to tune in to the other videos in "The I's on Insurance" series for helpful knowledge for drivers, homeowners/renters, and small business owners.

 


Copy the following code and paste it in your HTML...
<object width="480" height="385"> <param name="movie" value="http://www.youtube.com/v/R_wTA2-uCf4&hl=en_US&fs=1&"></param> <param name="allowFullScreen" value="true"></param> <param name="allowscriptaccess" value="always"></param> <embed src="http://www.youtube.com/v/R_wTA2-uCf4&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed> </object>

Finding a lost life insurance policy

Share

Trying to locate a missing life insurance policy? Valuable tips on how to track down this important document.


Copy the following code and paste it in your HTML...
<object width="480" height="385"> <param name="movie" value="http://www.youtube.com/v/EqW0Sm6kwjQ&hl=en_US&fs=1&"></param> <param name="allowFullScreen" value="true"></param> <param name="allowscriptaccess" value="always"></param> <embed src="http://www.youtube.com/v/EqW0Sm6kwjQ&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="480" height="385"></embed> </object>

Unclaimed life insurance benefits

To ensure that your life insurance benefits do not go unclaimed it is important to understand why this might happen. Here is a review of five of the most common reasons.

How do I pick a life insurance company?

The annuity business, like the insurance industry itself, is very competitive. There are hundreds of insurers and many different types of products available to you. Before buying an annuity, contact your state insurance department to see whether it offers an annuity buyers guide for your state.

There are four important things to consider:

Where can I get additional information on life insurance?

For more detail on life insurance, you can contact:  
 

  • American Council of Life Insurers
    1001 Pennsylvania Avenue
    N.W., Washington, D.C. 20004-2599
    202-624-2000
    www.acli.com  
     
  • Life and Health Insurance Foundation for Education
    www.life-line.org

12 steps for locating a lost life insurance policy

Locating life insurance documents for a deceased relative can be a daunting task—for one thing, as of this moment there are no national databases of all life insurance policies. However, with a little sleuthing, you can successfully navigate the paper trail.

Here are some strategies to help simplify your search.

How do I file a life insurance claim?

To begin the claims process:

  • Get several copies of the death certificate.
  • Call your insurance agent. He or she can help you fill out the necessary forms and act as an intermediary with the insurance company. (Don’t keep life insurance policies in your safe deposit box. In most states, safe deposit boxes are sealed temporarily upon the death of the owner, which can delay the settlement. ) If you don’t have an insurance agent, or don’t know who the deceased's agent was, contact the company directly.

If I can't pay my premium, what should I do?

If unexpected expenses come up and you can’t pay your life insurance premium, you should know the possible consequences. The effect depends on the type of policy and coverage you have and the policy terms and conditions.

Term: If you stop paying premiums, your coverage lapses.

Permanent: If you have this type of policy, you will have the following choices:

Pages